Sr Quantitative Finance Manager
New York, New York;Jersey City, New Jersey; Charlotte, North Carolina
Job Description:
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We're devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!
Job Description:
Wholesale Model Validation Lead (-MVL-) oversees the team conducting independent validation and quantitative analytics for wholesale (C&I and CRE) models that are used for credit allowance, enterprise stress testing, valuation, and regulatory capital purposes. The MVL is responsible for providing risk oversight, acting as a subject matter expert and the second line of defense overseeing model performance, model risk and model governance. MVL covers a portfolio of several Very High and High risk rated models with global portfolio exposure covering several model purposes requiring compliance with US and international regulations (IFRS9, CECL, EBA stress testing). The MVL provides direct oversight to a global team of model validators and reports up to the Model Risk Officer. The MVL is accountable for managing execution of model risk framework activities including, but not limited to, independent validation, annual model review, ongoing monitoring report review, required action item review, and peer review.
Responsibilities:
The qualified candidate will be responsible for overseeing a broad range of model risk management activities, including:
Review, critical assessment, and challenge of wholesale models on conceptual soundness, assumptions and limitations, data, developmental evidence in support of modeling choices, performance, implementation, and documentation.
Development and implementation of effective testing plans and testing code to critically challenge models through empirical analyses and to verify model implementation.
Performing model review activities including but not limited to independent model validation/challenge, annual model review, ongoing monitoring report review, required action item review, and peer review.
Conducting governance activities such as model identification, model approval and breach remediation reviews to manage model risk.
Writing technical reports for distribution and presentation to model developers, senior management, audit, and banking regulators.
Demonstrating thought leadership by proactively identifying emerging model risks and ensuing they are adequately evaluated and mitigated, where needed.
Communicating and working directly with relevant modeling teams and their corresponding Front Line Units (FLU); managing and leading risk routines to discuss model risk updates and escalate emerging risks to FLU and model stakeholders.
Leading communication and interaction with the third line of defense (e.g. internal audit) and external regulators; managing MRM participation in external regulator examinations and internal audit examinations.
Leading a diverse and global team of quantitative analysts; maintaining strong employee engagement and satisfaction; developing talent pipeline and mentoring teammates.
Acts as a leader and SME to help management's decision making, actively participate in senior level committees and guide junior team members."
Required Skills:
Required Qualifications:
PhD or Masters in a quantitative field such as Mathematics, Physics, Finance/Economics, Computer Science, Statistics.
Advanced knowledge of statistical and machine learning methods, techniques, formulas, and tests. Fluency in Python, SAS and SQL.
Knowledge and experience in developing or validating wholesale models. Strong familiarity with the industry practices in the field and knowledge of up-to-date wholesale modeling techniques.
Minimum of 7-10 years of experience in wholesale with a focus on risk modeling.
Minimum of 5 years' experience in leading a team of quantitative analysis and/or risk managers. Demonstrated experience in talent management and development.
Experience with leading external regulator interactions and successfully leading regulator examinations.
Excellent written and oral communication skills with stakeholders of varying analytic skill and knowledge levels.
Strong financial services and risk management experience.
Strong analytical & problem-solving skills.
Inquisitive nature, ability to ask right questions and escalate issues.
Ability to learn and adapt in an unexplored field, if necessary.
Team player attitude.
Technical curiosity and interest in learning new skills.
Shift:
1st shift (United States of America)
Hours Per Week:
40
Pay Transparency details
US - NJ - Jersey City - 525 Washington Blvd (NJ2525), US - NY - New York - ONE BRYANT PARK - BANK OF AMERICA TOWER (NY1100)
Pay and benefits information
Pay range
$200,000.00 - $310,700.00 annualized salary, offers to be determined based on experience, education and skill set.
Discretionary incentive eligible
This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.
Benefits
This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.
Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.
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This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.
